Anyone who has moved home knows that there are several stages to the process. If you’re moving for the first ever time, you may be wondering about the difference between the exchange of contract and the completion of a property purchase.
Exchange
The conveyancing process ends at this point, when the contract between the buyer and the seller becomes legally binding. It is a legal document that formalises both the intention of the seller to sell and the intention of the buyer to buy. The exchange is often conducted via telephone between all the conveyancers involved in the chain. The client is not required to be present at the exchange, but they will have to give their conveyancer authority to act on their behalf that day. For information on Conveyancing Solicitors Cheltenham, visit a site like www.deeandgriffin.co.uk/services/conveyancing/
If, for example, the exchange is delayed because one part of the chain is not available immediately on the phone, the exchange may be delayed. The exchange can be delayed if, for example, one of the parts of the chain is not immediately available. It could be that they are waiting for their client or lender to give them authority before exchanging. It’s important to give your conveyancer the authority to exchange as soon as possible if you are in a chain. The next step is to complete the exchange. A qualified conveyancing firm can help you with every step of the process.
Completion
It’s the big day. This part of the deal involves the transfer of legal ownership and the transfer of funds, with some luck you may even get the keys to the house! The funds will move up the chain, so those involved in a chain that is long may need to be patient. The seller’s conveyancer only hands over the keys once funds reach their account.
As money moves from one conveyance to another, security checks are carried out. This can cause delays and some people have found themselves waiting in a moving van for the keys. Transferring funds should ideally be completed by 2pm, but it is not uncommon for the completion to take place in the late afternoon. Once the conveyancer confirms that the funds are released, the client should head to the estate agent and pick up the keys.
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